Sydney-based crowdfunding startup StartSomeGood has raised an angel impact investment of $400,000 from Melbourne investment firm Trimantium Capital.
Tom Dawkins, StartSomeGood co-founder and CEO, said the new funding will allow the startup, which focuses on social benefit projects, to build a new platform that will be launching later in the year.
“This investment, which was predicated on both financial and social returns, will allow us to scale our support by complementing it with a new best-of-breed platform for social change makers,” Dawkins said.
“StartSomeGood was founded by social entrepreneurs for social entrepreneurs and we bring our extensive experience in cause-based fundraising to help those using our site. It’s our support that separates us from other crowdfunding platforms,” Dawkins said.
The investment by Trimantium was led by entrepreneur Phillip Kingston, who said that the firm was impressed by the social impact and business growth StartSomeGood has generated in a short space of time with limited resources.
“It’s envisaged that with extra support and capital, StartSomeGood is likely to cement its place in the global social financial tech and fundraising space, and carve out new and important capital flows to important projects,” Kingston said.
Since its founding in 2010, StartSomeGood has helped over 500 projects raise $5 million around the world. The platform has been growing steadily over the last year, with half of the $5 million raised in 2014 alone.
One of its most successful campaigns is the Asylum Seeker Resource Centre’s Food Justice Truck, which raised over $150,000 to help more than 2000 asylum seekers each year.
Dawkins said that, with angel impact investments of this size not often seen in Australia in the past, the news is a significant marker of the growth of the social enterprise sector in Australia.
Hopefully, this will also mean that startups operating in the space will be able to stay based in Australia rather than heading overseas like others have had to do in the past in order to pursue investment opportunities – one of the founders of the Australian peer support network TalkLife moved to London in order to have closer access to a wider network of potential investors in London’s more advanced social enterprise space.
As part of its push for growth, StartSomeGood is currently recruiting a software engineer.